Nebraska’s corn and soybean crops are maturing pretty much on schedule.
Fifty-one percent of corn is in the dent stage, compared to the five-year late August average of 61 percent. And two percent of soybeans are turning color, compared to eight percent average.
Good to excellent ratings cover 77 percent of corn and 82 percent of soybeans.
The first fields of winter wheat were seeded in Nebraska last week, on pace with the five-year average.
Sept. corn closed at $7.56 and 1/4, up 3 and 3/4 cents
Sept. soybeans closed at $14.38, up 23 and 1/4 cents
Sept. soybean meal closed at $379.20, up $3.20
Sept. soybean oil closed at 58.00, up 140 points
Sept. wheat closed at $7.57 and 1/4, down 5 cents
Aug. live cattle closed at $113.50, down 80 cents
Oct. lean hogs closed at $86.40, down 70 cents
Oct. crude oil closed at $87.27, up $1.90
Oct. cotton closed at 104.77, up 85 points
Sept. Class III milk closed at $18.64, up 2 cents
Dow Jones Industrial Average: 11,539.25, up 254.71 points
The commodity boom of recent years is creating opportunities for young people to return to the farm and ranch.
Dr. David Kohl, professor emeritus of ag economics at Virginia Tech, speaks to agricultural groups all over the U.S.
“I probably do 75 to 100 programs a year with agricultural producers. The past two years I’ve seen more young people under 40 years of age,” Kohl says, “and the second trend I’m seeing is more women.”
And Kohl says it’s not just about making money.
“These young people are saying, ‘hey, we have a higher calling—we’re providing food, fiber and fuel for the rest of the world out here’. But you know the other thing they say is that farming allows them to grow their best crop. And you know who the best crop sometimes is—their children—teaching them values, the discipline,” says Kohl.
While it’s a positive trend, Kohl says the young farmer boom has not yet reached all areas of the country. He says it depends on the commodity being produced—and also on what the rural community has to offer.
“That rural community is very, very critical,” says Kohl. “I often tell people, whenever you hire an individual, you directly or indirectly hire their spouse or significant other—and if that rural community doesn’t have the lifestyle attributes, they aren’t going to come back to it.”
Kohl, who is also president of a consulting business called AgriVisions LLC, recently spoke to a young and beginning farmers and ranchers conference in Omaha. The event was sponsored by Farm Credit Services of America.
The U.S. Geological Survey (USGS) says it has completed two new studies showing the herbicide glyphosate – also known as RoundUp – is commonly found in rain and rivers in agricultural areas of the Mississippi River watershed. The USGS says glyphosate is used the most in that river basin – where it’s applied most for weed control of genetically-modified corn, soybeans and cotton.
In a news release, the USGS says this is the first step in finding out how the most widely used herbicide in the world affects the environment, long-term. It says overall use of glyphosate increased “from less than 11,000 tons in 1992 to more than 80,000 tons in 2007.”
The studies found that glyphosate is transported from “its point of use into the broader environment” but also found while it is present throughout the growing season in Iowa and Mississippi, it is not usually detected during the non-growing seasons.
While there is a lot of damage, the general consensus is it could have been a lot worse. East coast farmers are just beginning to assess the damage from Hurricane Irene, while crops are flattened and roads are flooded, the loss to livestock seems to be minimal.
The North Carolina Department of Agriculture reports a lot of corn and tobacco crops are flattened. Power was lost to a number of the large poultry and hog facilities in the state. Smithfield Foods says some of their grower’s farms had minor structural damage but thanks to back-up generators, all hogs were being fed and watered. Perdue Farms says a number of their poultry operations on the Delmarva Peninsula were using generators. Delaware Agriculture Secretary Ed Kee says there was one broiler house in the peninsula which lost several thousand chickens to flooding.
The New York Farm Bureau has assembled a team to help farmers, President Dean Morton says “Stranded farms, stranded livestock, infrastructure damage and power issues appear to be the immediate concerns.” Damaged and washed-out roads could pose a particular problem for dairy farmers where milk trucks need to get through. Morton says there is also a fair amount of crop damage from the storm.
Floodwaters are also the main problem facing Vermont dairy farmers. Lindsey Worden, communications manager for Holstein Association USA, based in Brattleboro, Vermont told Dairy Herd Network the farms on high ground are OK, “Anyone in low lying areas, or located near a stream or river are very likely in trouble.”
Among the events shut-down by Hurricane Irene over the weekend, the Maryland State Fair. Organizers closed the fair down on Saturday afternoon. On Sunday, after inspecting the rides and the grounds, the fair reopened. To encourage attendance, the fair ran an Earthquake/Hurricane Irene special on Sunday with two-for-the-price-of-one admission.
The 4-H western horse show and horse races scheduled for Saturday night have been cancelled; the annual livestock sale is rescheduled for next Sunday night.
Soybeans posted solid double-digit gains Monday on follow-through buying from Friday’s strong close. Soybean production estimates may be overstated, particularly with conditions as dry as they are in the central and southern Midwest. For a second straight session, November soybeans posted a new contract high. DTN says that indicates the market is growing more bullish technically; however it’s possible that contracts have become overbought.
Corn posted new contract highs Monday with few signs prices have reached a high enough level to cause widespread demand rationing. In fact, commercial traders are growing more bullish. In spite of the possibility of short-term setbacks, the corn futures market is expected to remain well supported. Monday’s close well off session highs indicates the possibility for a weaker overnight session on corn.
Wheat closed mostly higher Monday on spillover support from the weaker dollar and stronger soybean market. There were losses in the two nearby contracts resulting from a lack of commercial interest in Chicago. As is the case with corn and soybeans, all three wheat markets are overbought. That could lead to a short-term sell-off. The overall trend in Kansas City and Minneapolis is more bullish than in Chicago because it’s extremely dry in the Southern Plains and domestic spring wheat yields are disappointing.
High winds and hail again affected crops in parts of Iowa last week. Northwest, north central, west central and southwest Iowa all report areas damaged by high winds and hail. Most of the state would really like to receive some rain to help beans fill and relieve stress on other crops. The National Agricultural Statistical Service, Iowa Field Office reports areas in Southeast Iowa have received less than an inch of rain since the end of June.
Seventy-percent of the Iowa corn crop is at or beyond the dent stage, twenty-percent ahead of normal. Four-percent of the crop is now mature. The condition of the crop is rated at fifty-nine-percent good to excellent.
Nearly the entire soybean crop is setting pods. Four-percent of the fields are turning color, behind last year and the average. The condition of the soybeans is rated sixty-four-percent good to excellent.
Pasture conditions are short and the need to supplement hay has raised concerns for next spring’s hay supply.
The distribution of this week’s cattle show lists is complete and the ready numbers are somewhat larger than last week with all of the increase tied to Kansas and Nebraska. Early asking prices are around 115.00 live and 185.00 dressed. Real selling interest will be subject to the performance of futures and basis opportunities over the next several days. The cattle kill totaled 127,000 head, 3,000 more than last week, but 2,000 less than last year.
Boxed beef cutout values were generally steady on light to moderate demand and offerings. Choice boxed beef was down .10 at 186.20, and select is .13 lower at 179.08.
Live cattle contracts settled 40 points higher to 80 lower. Early week pressure developed across the complex early on Monday. The strong support in the stock market did very little to offset higher grain prices effect on production costs. Although Hurricane Irene’s damage was not as significant as expected it will have an effect on meat demand as many people are still without power. The nearby contracts were down the most with August .80 lower at 113.50, and October down .60 at 114.60.
Feeder cattle settled 25 to 57 lower on the weaker live cattle issues and the strength in the corn futures market and what higher corn prices will mean to the cost of production. September settled .27 lower at 132.32, and October was .57 lower at 132.70.
Would they complain about what you eat?
Juice, formula, soda, cereals, chips, rice These are all considered fermentable carbohydrates because they’re high in sugar or processed starches. The bacteria in your mouth will be more attracted to these food items than others putting you at higher risk for cavities and other dental problems. The American Dental Hygienists’ Association says bacteria uses fermentable carbohydrates to work up acids in the mouth that can take 20 to 30 minutes to be neutralized by saliva. That’s enough time for them to inflict enamel damage.
The Food & Agricultural Policy Research Institute at the University of Missouri is providing key information to Congress for debt reduction and the 2012 Farm Bill. Just last week, FAPRI-MU released its mid-year agricultural baseline report.
FAPRI-MU director Pat Westhoff says crop insurance is going to be an expensive program this year, which could affect what federal budget changes are made., “And we expect that the cost of the crop insurance program in the future may actually exceed – even out of the direct payment program, even if there were no changes in the direct payment program,” Westhoff adds, “So, as people are trying to assess where budget cuts might be most appropriate and where they might be the least harmful, we hope that this will be information that will be helpful to them as they make those choices.”
FAPRI’s mid-year ag baseline report provided to Congress assumes 2008 Farm Bill policies. The next full report will assume whatever’s been written for the 2012 Farm Bill, “So if, for example, the Super Committee has put together a package of budget cuts that includes changes in agricultural programs or if the Ag Committees have already passed on their own volition some changes in farm programs and those would become law, those will be part of the new baseline.”
FAPRI-MU’s mid-year baseline report, released earlier this month, shows the trend of high commodity prices continuing. Work begins on the 2012 baseline report this fall.
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